What is Ethereum Classic (ETC)? Interview with Christian Xu and Grace Pham

By Le Thanh | Interview / AMAs

Ethereum Classic (ETC)

Quite a lot of people are confused about the origin of Ethereum Classic (ETC). For example, ETC is the hard fork chain from Ethereum and Ethereum is the root chain. However, the real story is not like that. Ethereum Classic (ETC) is the original chain and Ethereum is the chain fork after The DAO hack.

So, how has Ethereum Classic (ETC) evolved over the years? Invite you to learn more details through the content has been summarized from the session AMA with Christian Xu - Community Manager of ETC in Asia.

What is the difference between Ethereum Classic (ETC) and Ethereum (ETH)? What achievements has ETC made? In the near future, does ETC have any plan to develop and increase the value of ETC?

Ethereum Classic (ETC) is defined as an intelligent Blockchain. ETC is both a network, a community, and a cryptocurrency. In addition to reciprocal transactions, ETC allows complex contracts to operate autonomously and cannot be modified or censored.

In fact, ETC is the original chain before ETH. In July 07, ETH split from the original chain due to the DAO hack. Since then ETH / ETC has had different development paths. ETH focuses more on performance and scalability. Meanwhile, ETC focuses more on security and usability.

ETC is continuing to build the network and the community will use ETC more. This will increase the value of ETC.

Does Ethereum Classic (ETC) plan to issue stablecoins on ETC for payment solutions?

Regarding DEFI's payment segment, with the volatility of the cryptocurrency market, this will make it difficult to operate. So, does Ethereum Classic (ETC) plan to issue stablecoins on ETC for payment solutions?

The answer is yes!

Some projects from Ethereum Classic (ETC) are operating on stablecoins. Moreover, ETC is working with a number of stablecoin issuing teams operating on ETH.

Will after ETH move to Proof-of-Stake, will ETC follow the path of ETH?

ETC will not switch over PoS in the near future. PoW from time to time still proves to be the most secure algorithm.

ETC is the first Smart Blockchain that can run Smart Contract. And after ETH 2.0, ETC is the only smart Blockchain that runs with PoW.

Maybe you are interested in: What is Proof of Stake?

What is Ethereum Classic's plan to educate the public about the benefits of using the network?

Ethereum Classic will build the community in more areas. In addition, ETC will also organize more online / offline events to discuss with the community.

In addition, ETC will prepare its educational materials so that people can learn about Ethereum Classic on the Internet.

Does ETC invest resources in alternative programming languages ​​for EVM?

ETC has a project called LLVM, which allows coding languages ​​to build Smart Contract on ETC. And ETC has developed a new EVM that is webassugging.

After the hard fork on September 13, 09, is the Ethereum Classic network stable?

The answer is yes!

Ethereum Classic works very stable after the Atlantis hard fork. So far, no errors have appeared on the chain.

In the context of the extended Ethereum Classic market, do you have any plans to develop the project and attract investors to hold long-term ETC?

Investors should consider more about the long-term value of ETC. The development of network and community is very positive.

ETC has been adopted by other Blockchain technologies such as Open-RPC. That really brings the value of ETC in the long run.

In the future, how can ETC receive better funding? What role does ETC Coop play?

Currently, ETC Labs is the largest organization in the ETC ecosystem. ETC Labs has sponsored many protocols and projects on the ETC network.

ETC Coop acts as an organization of activities and research in the network. ETC Coop also sponsors some pretty good projects.

On the ETC token side, deflation but ETH is inflation. That would be the biggest difference between these two chains.

Some argue that the ETC network is insecure because when a transaction is made on the Blockchain, it can be recreated on another Blockchain, causing the user's private key to be compromised. What does the ETC team think about this? Is ETC safe enough?

The problem lies in the reorganization of the block. And this is not difficult to prevent. Just increase the confirmation number.

However, reorganizing a block is very expensive because you must prepare enough hashrate and keep it for a certain time.

The community is trying to access many large mining pools to increase hashrate on ETC. Therefore, later, reorganizing a block will be much more difficult.

Many people still keep comparing Ethereum and Etherum Classic. So, how do people better understand this issue?

Ethereum and Etherum Classic have different tasks. Both are great Smart Contract platforms. No need to compare because they are different.

Are there any solutions that resist 51% attack? What role does ASICS play in this?

ETC has built a system to track 51% attacks. During an emergency, the team will recommend a higher number of confirmation. Not sure what role ASIC will play on ETC because ETC is neutral with ASIC mining.

Security, scalability, and data security are three very important aspects. So, how does the ETC system handle these issues?

ETC will take security as the first priority. In Atlantis, EIP1 / 196 is for data security. And some teams in the ETC community are working on Proof-of-Work scalability.

How to increase the value of ETC?

Believe in the long-term value of Blockchain and ETC. You can join the Telegram channel of ETC to track progress and the latest information about the project: https://t.me/ETCVietnam.

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